ABS

  • Advisory affiliation established

    LECG and NewOak Capital have established an affiliate relationship to provide a broader and deeper scope of services to the financial services industry. The two firms had previously undertaken work together over the past two years, resulting in new client engagements in consulting and litigation matters.

    Chad Burhance, md and head of NewOak Capital's solutions division, says the affiliation will .......

    Job Swaps 12 November 2010

  • Continued stabilisation for global SF ratings

    Fitch reports that the ratio of affirmations to downgrades across its global structured finance ratings in 3Q10 followed a similar trend to 2Q, with affirmations exceeding downgrades by a ratio of more than two to one - although the number of upgrades increased. The trends reflect continuing signs of improved performance across various asset classes, the agency says.

    In line .......

    News Round-up 12 November 2010

  • Minimal default rate for Euro ABS

    S&P reports that the cumulative default rate for European securitisations since mid-2007 has been 0.86%. In many asset classes, securities' creditworthiness has remained resilient, in the agency's opinion, meaning downgrade rates have also been low. Significantly, the 12-month rolling downgrade rate fell slightly to about 13% from its peak last quarter.

    A significant proportion of principal balances outstanding before the .......

    News Round-up 11 November 2010

  • Promotions for investment management duo

    Douglas Kelly is to succeed Edward Bedrosian as president of Annaly Capital Management's wholly-owned subsidiary Merganser Capital Management. Kelly, who was previously cio of Merganser, will continue to oversee its investment process along with Andrew Smock as co-cio. Founder of Merganser, Bedrosian will serve as chairman through 2011.

    Kelly joined the firm in 1986, leading the portfolio team for ten .......

    Job Swaps 10 November 2010

  • Positive outlook for 2009 vintage prime auto ABS

    Fitch reports that lower-than-expected losses for 2009 US prime auto loan ABS are positioning the vintage for continued positive rating performance, as the broader economy slowly improves.

    Through the first three-quarters of this year, expected cumulative net losses (CNLs) on 2009 auto ABS were twice as low -1.3% to 1.5% - than those of 2008 and 2007 vintages (2.8%-3%). Fitch consequently .......

    News Round-up 9 November 2010

  • Rating agency adds SF trio

    DBRS has made a trio of appointments across its US and European structured finance groups.

    Mike Babick joins the agency as svp and lead analyst, focusing on its ABS business. He reports to Claire Mezzanotte, head of the firm's US and European ABS, RMBS and covered bond group. Babick previously worked at Assured Guaranty Corporation as md in its consumer .......

    Job Swaps 9 November 2010

  • EU CRA consultation launched

    The European Commission has launched a broad consultation on credit rating agencies (CRAs), which aims to widen the debate and gain input from all stakeholders in order to calibrate the scope of any possible future legislative initiative in the area. From 7 December 2010, new EU regulations will require CRAs to comply with rules of conduct in order to minimise .......

    News Round-up 8 November 2010

  • Advisory services head recruited

    Steven Campo has been appointed managing partner, advisory services at Paladin Advisors. He was previously principal at SeaView Advisors, an advisory firm focused on bringing specialised services to the structured finance marketplace.

     

    .......

    Job Swaps 8 November 2010

  • Structured solutions co-head named

    RBS has appointed Chris Marks as co-head of structured solutions. He will report to Rory Cullinan, the firm's head of non-core division.

    Marks was previously an md in Barclays Capital's London structured finance team.

    .......

    Job Swaps 5 November 2010

  • COMET on review following servicer downgrade

    Moody's says its ratings on 47 classes of ABS issued out of the Capital One Multi-asset Execution Trust (COMET) remain under review for possible downgrade, following the 1 November downgrade of Capital One Bank's long-term senior unsecured rating to A3 from A2. The rating agency has also extended its review of the counterparty instrument rating to the swap agreement relating .......

    News Round-up 5 November 2010

  • Counterparty risk assessment highlighted

    The financial disruptions of the past few years underscore the central role that counterparty risk assessment plays in the analysis of structured finance securities' creditworthiness, according to S&P.

    "Under stressed conditions, there is a risk that a counterparty might not perform its duties, which - in some cases - could lead to a payment default on the securities," says S&P .......

    News Round-up 5 November 2010

  • CSCF exposure sold on

    The Business Development Bank of Canada (BDC) has announced the sale of C$250m ABS - original face value - to RBC Capital Markets. The sale represents a portion of the term auto loan ABS that BDC purchased under the provisions of the Canadian Secured Credit Facility (CSCF).

    Paula Cruickshank, BDC vp of securitisation, says: "This transaction is very encouraging because .......

    News Round-up 4 November 2010

  • SF legal team poached

    Katten Muchin Rosenman has hired a team of structured finance lawyers from Dewey & LeBoeuf, including four structured finance partners in New York and a financial products tax partner in Washington. The attorneys are Chris DiAngelo, Anna-Liza Harris, Howard Schickler, Joseph Topolski and John Keiserman.

    The team will focus on public and private securitisation of consumer and commercial assets, and .......

    Job Swaps 3 November 2010

  • ABS analytical, operational challenges highlighted

    A recent due diligence survey undertaken by Principia Partners confirms that investor and issuer confidence in securitisation is growing, with 60% of respondents stating they would increase their activity in the sector within the next 12 months. However, while trading activity is set to increase, analytical, risk oversight and operational challenges remain a major concern for financial institutions and asset .......

    News Round-up 3 November 2010

  • Risk advisor recruited

    Moelis & Company has appointed Landon Parsons as senior advisor in its risk advisory group. He will be based in New York, serving clients globally as they manage their financial assets and key position and portfolio risks.

    Parsons has nearly 25 years of structured credit experience as an analyst, investor and advisor, and has worked as a consultant to Moelis .......

    Job Swaps 2 November 2010

  • German 10% risk retention approved

    Germany's lower house of parliament last week formally approved the adoption of a 10% risk retention threshold for securitisations. However, following successful lobbying, the final rule incorporates a later implementation date and has some scope for a watering-down of the law, according to European asset-backed analysts at RBS.

    The rule becomes effective at the beginning of 2015 rather than two .......

    News Round-up 1 November 2010

  • Further shrinkage expected in SF outstandings

    S&P estimates that the total amount of US structured finance securities outstanding has shrunk by over US$1trn since the peak of the market in 2007, as assets mature, prepay or default. However, analysts at the rating agency believe that there is room for further shrinkage in the market.

    "The ratio of outstanding SF volume to GDP remains well above where .......

    News Round-up 29 October 2010

  • Asset finance head named

    Natixis has promoted Pierre Debray to global head of its asset and international trade finance group. Supervising the project, shipping, aviation and structured export finance activities, he will report into the bank's corporate and investment debt finance division.

    Debray joined Natixis in 2010 as deputy head of corporate and institutional business relations. Before joining the firm, he was most recently .......

    Job Swaps 29 October 2010

  • EM-focused CRA debuts SA equipment ABS

    Global Credit Ratings (GCR) has rated its first South African public equipment lease securitisation - Fintech Receivables 2 (Proprietary) Limited. The transaction was arranged by Nedbank Capital and originated by Fintech Underwriting (Pty) Ltd.

    The deal comprises ZAR582m triple-A rated class A notes, ZAR78m double-A class Bs, ZAR59m single-A class Cs and ZAR54m triple-B rated class Ds. A subordinated loan .......

    News Round-up 28 October 2010

  • Partner hired in Dubai

    Jones Day has appointed Eric Milne as partner in its Dubai Office. In this role he will focus on international banking and project and asset finance, while advising corporate/investment banks and corporate borrowers.

    Milne joins the firm from Simmons & Simmons in Dubai, where he was partner in the banking and finance practice. His industry experience includes infrastructure financings, securitisations, .......

    Job Swaps 28 October 2010

  • Euro SF downgrades decline dramatically

    S&P reports that in 3Q10 the quarterly number of European structured finance downgrades fell to their lowest level since 2007, with downgrades falling by a third of the agency's total in 2Q10.

    "Our latest report highlights an improvement in the credit performance of European structured finance," says S&P analyst Arnaud Checconi. "We took 509 rating actions in Q3, comprising 352 .......

    News Round-up 27 October 2010
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